17. Internal Rate of Return Calculation. An investment costing $50,000 today will result in cash savings of $5,000 per year for 15 years. Use trial and error to approximate the internal rate of return for this investment proposal. 18. Evaluating Qualitative Factors. Chem, Inc., produces chemical products. The company recently decided to invest in expensive pollution control devices even though the negative net present value pointed toward rejecting this investment. What qualitative factor likely led the company to make the investment in spite of the negative net present value? 19. Ethical Issues in Making a Capital Budgeting Decision. Assume the manager of a store earns an annual bonus based on meeting a certain level of net income, which has been achieved consistently over the past ve years. The company is currently considering the addition of a second store, which is expected to become protable after two years. The manager is responsible for making the nal decision whether the second store should be opened and would receive an annual bonus only if a certain level of net income were achieved for both stores combined. Why might the manager refuse to invest in the new store even though the investment is projected to achieve a return greater than the company's required rate of return? 20. Net Present Value Calculation Using Excel. An investment costing $200,000 today will result in cash savings of $85,000 per year for 3 years. The company's required rate of return is 11 percent. Use Excel to calculate the net present value of this investment in a format similar to the one in the Computer Application box in the chapter. 21. Net Present Value Analysis with Multiple Investments. A project requiring an investment of $20,000 today and $10,000 one year from today, will result in cash savings of $4,000 per year for 15 years. Find the net present value of this investment using a rate of 10 percent. Round to the nearest dollar